asked
I purchased a laundromat for $250,000, sold it for $200,000 after holding it for two years, resulting in a loss. The sale included fixed assets, inventory, goodwill, and restrictive covenants. How should the loss be treated on my 1040 return, and what should I do with the restrictive covenants?
January 31st, 2023
My S Corp has gone out of business but I still need to file my 2012 return and can't afford to hire an accountant. I plan to use Turbo Tax for Business and have an MBA degree with accounting experience. I have used the accrual method of accounting but my accountant has converted my data to cash accounting to minimize my tax burden. Do I need to adjust the balance sheet when converting to cash accounting, and if so, how should I do it?
December 18th, 2024
Our daughter helps us out by doing some cleaning around our house. I return by giving a little cash weekly. Does this create any tax obligations?
March 20th, 2024
What happens if we never paid any amount to maintain the corporation? What should I do now? How much do I need to pay and to where?
April 3rd, 2023
What was the capital gains tax rate in California for 1983 or 1984? Was it different from the California ordinary income tax rate?
March 6th, 2024
If an LLC files as a partnership but has no income in the year, only a $200 expense, and all members are foreigners with no other income in the USA, do they still need to file Form 1065 and K-1?
January 20th, 2023